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KIRKWOOD, Mo (KMOV.com) – Monday Kirkwood is telling residents they may have to pay more for power.

The city owns and operates its own electric utility, and has given initial approval to a rate increase.

The rate increase would mean $76 more a year to residents who are Kirkwood Electric customers- about two thirds of homeowners.

City council member Paul Ward says even with the increase, Kirkwood Electric customers still pay about $10 a year less than Ameren Missouri customers in town.

“We live in a real world, Life gets in all that we do,” he said. “Costs go up and down. But we don’t ask too much of our citizens and when you look at the level of services that residents come here for, that’s what brings them here.”

Ward says revenue from the utility stays in Kirkwood, and that profits go toward funding city services. He says if the rate increase happens, it’d be the first for Kirkwood Electric customers since 2010.